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underwrite.ai Leads with H2O Driverless AI to Radically Outperform Traditional Credit Scorecards
MOUNTAIN VIEW, Calif., May 6, 2019 /PRNewswire/ — H2O.ai, the open source leader in artificial intelligence (AI) and machine learning, today announced that underwrite.ai, a global provider of artificial intelligence-based credit underwriting models, is leveraging the automatic machine learning platform H2O Driverless AI to power their fully automated and compliant process for quickly and effectively determining credit lending risk. By using H2O Driverless AI with expansive data sets, underwrite.ai builds and trains models that return an automated credit decision in milliseconds, radically outperforming traditional scorecards in both consumer and small business lending.
“underwrite.ai is using automated machine learning to transform how credit is assessed and is improving outcomes for lenders and borrowers alike,” said Sri Ambati, CEO and founder, H2O.ai. “We are excited that with Driverless AI, underwrite.ai is not only using more factors and producing fast accurate scores but also relying on explainable machine learning they can trust. H2O.ai’s innovation is leading the democratization of credit for people around the world.”
“Using thousands of data points instead of the handful used by traditional credit scoring services, underwrite.ai generates a much more reliable lending risk profile for creditors to use when evaluating a credit or loan application,” explains Marc Stein, Founder and CEO, underwrite.ai. “By using Driverless AI to build and deploy our nonlinear models, we can provide lenders a fully automated process that delivers a highly reliable credit decision with a fully compliant explanation for the decision in less than half a millisecond. H2O and Driverless AI play an integral role in our platform, speeding up the development and deployment of models exponentially.”
Improving Financial Outcomes
By building models unlike anything used by traditional credit scoring services, lenders can build a broader and more secure portfolio. underwrite.ai applies advances in AI derived from genomics and particle physics to provide lenders with nonlinear, dynamic models of credit risk which drastically improve payment default rates. The use of nonlinear algorithmic modeling enables underwrite.ai to effectively determine lending risk in situations with limited or non-existent credit bureau utilization in North America and throughout the world.
Democratizing Credit with AI
H2O Driverless AI empowers data scientists, such as those at underwrite.ai, to work on projects faster and more efficiently through automatic machine learning and state-of-the-art computing power. With Driverless AI, tasks that typically take months, are completed in just minutes or hours. This is accomplished by delivering automatic feature engineering, model validation, model tuning, model selection and deployment, machine learning interpretability, time-series, NLP and automatic pipeline generation for model scoring. H2O Driverless AI’s versatility makes it a powerful data science platform that easily addresses the needs of a variety of use cases for every enterprise in every industry. “There are so many challenges that H2O.ai’s technology can help to solve, and the more people who dig in and use it, the better the world gets,” Stein said.
Connect with H2O.ai:
H2O.ai is an open source leader in AI with a mission to democratize AI for everyone. H2O.ai is transforming the use of AI with software with its category-creating visionary open source machine learning platform, H2O. More than 18,000 companies use open-source H2O in mission-critical use cases for Finance, Insurance, Healthcare, Retail, Telco, Sales and Marketing. H2O Driverless AI uses AI to do AI in order to provide an easier, faster and effective means of implementing data science. H2O.ai partners with leading technology companies such as NVIDIA, IBM, Intel, AWS, Microsoft Azure and Google Cloud Platform and is proud of its growing customer base which includes Capital One, Progressive Insurance, Comcast, Walgreens and MarketAxess. For more information and to learn more about how H2O.ai is driving an AI Transformation, visit www.h2o.ai.
underwrite.ai, founded in 2015, applies advances in artificial intelligence derived from genomics and particle physics to provide lenders with non-linear, dynamic models of credit risk which radically outperform traditional approaches. It’s machine learning based models are in use in the US, UK, Canada, Mexico, Uruguay, the Philippines, and South Korea, providing risk-based pricing models for secured and unsecured consumer credit, merchant based instant credit, sub-prime auto, SMB lending, corporate finance up to $50 million, and deep learning based instant KYC. To learn more about underwrite.ai and its credit risk decision and verification services, visit www.underwrite.ai.
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